If you hold Strategy (formerly MicroStrategy) or any of the newer Bitcoin and Ethereum treasury companies, October 15, 2026, just became an important date. MSCI has finalized its new rules on “non-operating companies.” These rules could eventually push Strategy, Metaplanet, SharpLink and a few similar firms out of its major global equity indexes. The final list of affected companies is expected on November 11, and any removals would take effect after the market close on November 30.
MSCI is replacing its earlier temporary restrictions (which targeted companies with 50% or more of their assets in digital currencies) with a broader framework. The new process works in two steps:
First, companies are screened for substantial operating assets. Those that fail this core screen then face five financial ratio tests. A company becomes ineligible if it fails four or more of those ratios.
To limit unnecessary index turnover, MSCI has added buffers. Existing index members generally need to fail the tests across two consecutive annual filing periods before they are removed. In a May 2026 simulation, Strategy, Japan’s Metaplanet, and uranium holder Yellow Cake were already flagged. Ethereum treasury firm SharpLink has also been mentioned as potentially affected.
Strategy is the world’s largest publicly traded Bitcoin holder. Its business model centers on raising capital and accumulating Bitcoin. MSCI’s new screens view this model as closer to an asset-holding vehicle than a traditional operating company.
Michael Saylor and CEO Phong Le pushed back earlier this year, calling the approach “discriminatory” against digital asset treasuries. Strategy argued in a September letter that the change would have little real impact on its business but could harm MSCI’s reputation as a neutral index provider. JPMorgan has estimated that a full exit from MSCI indexes could trigger around $2.8 billion in forced selling from passive funds. Strategy itself has said MSCI-linked funds hold roughly 3.1% of its shares outstanding.
This is not only about Strategy. Several other public companies have adopted the same treasury model. Metaplanet in Japan has been one of the most aggressive, while SharpLink and smaller names have focused on Ethereum or other assets. MSCI is essentially drawing a clearer line between operating businesses and companies whose primary activity is holding assets.
On November 11, MSCI will publish the final list of companies that could be affected in the November Index Review. The new rules take effect after the close on November 30. Because of the two-period buffer, not every flagged company will be removed immediately, but the risk is now clearly defined.
In the meantime, the stocks of these companies could see added volatility, especially those with meaningful passive ownership.
In the short term, headlines and potential forced selling can create pressure. Over the longer term, these companies still live and die by the price of the assets they hold and their ability to raise capital on favorable terms. Index inclusion helps with liquidity and passive inflows, but it has never been the core of the investment case.
Saylor has said it plainly: Bitcoin does not need MSCI. The treasury company model is a leveraged equity play on digital assets. Losing index membership may bring some selling pressure, but the bigger drivers remain Bitcoin’s price direction, the company’s capital-raising power, and how the market values that leverage.
